MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Fuel Prices Rise to a Record, And Set to Increase Further

SOUTH AFRICA
  • Despite the wage agreements struck between Eskom and Unions yesterday (a deal that pledges a rise in housing allowance as well as a 7% rise in pay), the utility continues with load-shedding plans Wednesday, with 5,000MW to be cut from the grid both today as well as tomorrow. The utility continues to work through back-logged maintenance works triggered by last week’s strikes.
  • Fuel price rises are effective from today, with petrol increasing by R2.57 a litre, and diesel going up by R2.30 a litre. This has pushed the price per litre up to R26.70 a litre inland – marking the highest price on record. Prices are likely to rise further in the coming months, after the government confirmed that fuel subsidies would be halved this month, and then removed from August onwards.
  • Fuel accounts for around 5% of the consumer price basket, so will be reflected in inflation figures going forward. Protests against the price hike have already begun, with trucks blocking a highway linking South Africa to Mozambique.
  • The petrol price hike is seen prompting a further reprioritisation of household budgets, with consumers steering clear of going out to restaurants and sticking to working from home instead of heading into the office, according to FNB Commercial Property Finance, cited in today’s BusinessTech.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.